In a dramatic twist of fortunes, the battle for the crown of India’s wealthiest individual has taken a riveting turn as Gautam Adani, the maverick chairperson of the Adani Group, has swooped in to snatch the title from Mukesh Ambani, the long-reigning kingpin of Reliance Industries. The billionaire battleground is none other than the Bloomberg Billionaire’s Index (BBI), and Adani’s ascent to the top has been nothing short of a rollercoaster ride.
As of January 5, 2023, Gautam Adani has seized the throne with a staggering net worth of $97.6 billion, leaving Ambani trailing just below at $97 billion. The “Adani-Ambani top spot rivalry” has been the talk of the town, with both tycoons jostling for supremacy on the world stage. Gautam Adani, now perched at the 12th spot globally, has not only outpaced Ambani but has also etched his name among the top echelons of the world’s wealthiest.
Notably, this surge places him a notch above India’s other tycoon, Mukesh Ambani, who now finds himself at the 13th position. The latest rankings, released on January 5, unveil Gautam Adani’s staggering net worth of $97.6 billion, a seismic leap from his 15th position last December.
Gautam Adani vs Hindenburg
The Adani saga, however, has been far from smooth sailing. In a dramatic turn of events in January 2023, Adani witnessed a jaw-dropping 34 percent nosedive in his net worth following a damning report from Hindenburg Research. The report sent shockwaves through the financial landscape, triggering a frenzy of doubt and skepticism. This setback saw Adani slipping down the ranks, only to make a remarkable comeback later in the year.
Adani’s journey to the summit has been marked by resilience and strategic maneuvers. The billionaire, who started his career as a diamond trader in the 1980s, weathered the storm of Hindenburg’s allegations, vehemently denying any corporate fraud within the Adani Group. The conglomerate, spanning ports to power, faced a market value loss exceeding $150 billion at one point, forcing Adani into a months-long charm offensive to win back investors, repay debts, and appease regulatory concerns.
The Supreme Court of India
The turning point for Adani came with a recent reprieve from the Supreme Court of India, which ordered the local markets regulator to conclude its investigation into the conglomerate within three months. The court’s decision effectively drew a line under the year-long short-seller saga, providing Adani with a much-needed boost. The stock market responded with enthusiasm, propelling Adani Group’s stocks to new heights and triggering a staggering $13.3 billion wealth gain for Gautam Adani—the largest in the world this year.
Adani, and his source of wealth
The source of Gautam Adani’s wealth is a labyrinthine network of companies affiliated with the Adani Group, each playing a crucial role in his financial empire. The conglomerate, headquartered in Ahmedabad, boasts India’s largest private port and wields significant influence in global coal trading. Adani Enterprises, the flagship company, reported revenues of $17 billion for the fiscal year ending March 31, 2023.
Adani’s fingers are in many pies, with ownership stakes in six publicly traded companies under the Adani Group umbrella.
- Adani Enterprises (73 percent)
- Adani Green Energy (56 percent)
- Adani Ports (66 percent)
- Adani Power (70 percent)
- Adani Transmission (68 percent)
- Adani Energy Solutions (73 percent)
- Adani Total Gas (37 percent)
As Adani revels in his newfound glory, the billionaire landscape continues to evolve, with Ambani not far behind, holding the 13th spot on the BBI. The question on everyone’s lips now is: can Adani maintain his lead, or will Ambani stage a comeback? The saga of these two titans promises to keep the business world on the edge of their seats, eagerly awaiting the next twist in this billionaire tale.
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